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joesmith22

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How many credit cards when rebuilding?
I'm a 24 year old with low credit. I've only had one bofa credit card in my name with a $700 limit. I recently applied for two secured credit cards, one with a limit of $500 and another with a limit for $200. I qualify for a Credit One card with 1% cashback, should I apply and switch the limit from the secured card from $500 to $200? I'm responsible and pay may payments on time and spend about $700-$800/month. And could really use the 1% cashback. Will this improve or hurt my score?

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Please take the time to read the articles on this site since the expressed purpose of Credit Karma is to TEACH how credit works and how to improve one's score.  I learned a lot and am living very well on a fixed income thanks to what I learned.  Your learning days are over only when you die.

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Please do yourself a big favor, do NOT get any Credit One product. All you need is to wait 6 months, longer if you have many bad marks on your report, just let those two secured cards to age a bit and build up more positive payment history, you are going to get much better cards down the road. One percent back isn't worth the potential hassles when dealing with Credit One.

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You can do better!  Before you apply for a Credit One card, I highly suggest you read the reviews on this an other sites.   Their cards routinely come with a yearly fee as well as a moynly service fee.   Your $7 earned with the 1% could easily be eaten by the $8 they normally charge per month.   Let time help you with your current cards and see if one of the secured cards will move you to an unsecured with a higher limit.   Keep your Utilization low and your payments timely and the other good card companies with better rewards with no annual fee will come to you.   I started out with a USAA secured for $1500, increased it with additional deposits over time.   In one year of low utilizaition and timely payments, I now hold Citi, Chase and Amex with 22,000 limits.

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